COLONIAL : LES PERTES DU TROISIEME TRIMESTRE EN HAUSSE DE MOINS DE 4% PAR RAPPORT A JUIN
Le bénéfice opérationnel s'élève à 166,7 millions d'euros pour les neuf premiers mois de l'année 2008
- Ce résultat s'inscrit dans le cadre de la continuité de l'effort d'assainissement et la réévaluation des actifs en ligne avec la politique de rigueur et de transparence du nouveau Conseil de la société
- Ce résultat s'inscrit également dans une nouvelle stabilité financière suite à l'accord de restructuration de la dette de la société
- La valeur totale des actifs du Groupe est supérieure à 10 milliards d'euros à la fin du troisième trimestre.
- The high quality of Colonial's rental portfolio, which accounts for over 80% of its assets, generated E216 million in rental income to September, with occupancy rates in excess of 96%
- Colonial will hold an Extraordinary General Shareholders' Meeting next week to seek approval for the issue of approximately E1.4 billion in convertible bonds, which will strengthen the Company's equity base.
The placement of bonds is over 90% underwritten by Colonial's main creditor banks who have committed to underwriting around E1.3 billion.
Barcelona, 14 November 2008. The Colonial Group has notified the Spanish Securities and Exchange Commission of the results for the first nine months of 2008.
The Group's net loss for the first nine months is in line with that posted in the first half. Specifically, the loss rose by -E94 million, less than 4% up on June, to -E2.4755 billion at 30 September 2008.
This loss reflects the impact of various material non-cash non-recurring items: firstly, -E1.413 billion stemming primarily from the writing down and reappraisal of the value of Colonial's non-strategic investments in FCC and Riofisa; secondly, -E1.265 billion in respect to revaluations and provisions for property assets, pursuant to the quarterly external appraisals ordered by the Company.
In this regard, against the background of a sharp slowdown in business, both in the real-estate sector and in the economy in general, Colonial's new Board of Directors and management TEAM are making progress with the writing down and reappraisal of the assets acquired during the expansion undertaken in 2006 and 2007 by past management teams at Colonial (formerly the Inmocaral Group).
Excluding the impact of these extraordinary adjustments, the Company has shown stability with regard to the performance of its ordinary business activities and continues to achieve very high occupancy and rent levels.
Property assets appraised at over E10 billion
The total value of the Colonial Group's assets at the end of the quarter was E10.086 billion. Of this, E650 million relates to the market value of the interest in FCC, and E9.436 billion to the value of the property assets, as assessed by leading independent experts. Of this, 84% (E7.881 billion) corresponds to rental assets that are in operation and under development, which represents the Group's core business strategy.
Colonial's residential land and development portfolio only accounts for 16% of the total value of the property assets (E1.555 billion), in line with its strategy to progressively reduce its exposure to this business.
Operating profit of E166.7 million
Total Group revenue at the end of the quarter amounted to E472.8 million, E215.9 million of which stemmed from the rental business with the remaining E257 million from residential development and land sales. The company also generated E147.8 million on the sale of investment assets.
It is important to note that on a like-for-like basis, rents were up 4.3% on the same period the previous year.
Colonial continues to strengthen its strategic positioning on the high-quality office building rental business in the business districts of three of the leading property markets in Europe: Paris, Madrid and Barcelona. This has enabled the Company to keep the occupancy rates of the buildings at what are historically very high levels, standing at 96.4% at the end of the quarter.
Thanks to the positive performance of the rental business, Colonial posted an operating profit (before taking account of the extraordinary allowances and asset revaluation) of E166.7 million.
Issue of convertible bonds: strengthening of the Group's capital base
On 14 September, Colonial signed a debt restructuring agreement, providing the Company with significant FINANCIAL and operating stability and enabling it to achieve a twin goal.
Firstly, Colonial's debt was converted into long-term debt, making it possible to increase the average maturity of the Group's overall debt from the 1.4 years seen in June to 4.6 years at the end of the quarter.
In addition, Colonial signed one-off agreements with some of its creditor financial institutions with regard to the sale of non-strategic assets, primarily land and completed residential developments, with the goal of reducing its debt and providing the Company with cash.
Secondly, the restructuring agreement will enable Colonial to significantly strengthen the Company's equity base, via the issue of roughly E1.4 billion in convertible bonds subject to the approval of the General Shareholders' Meeting of 21 November.
The placement of bonds is over 90% underwritten by Colonial's leading creditor banks who have committed to underwriting around E1.3 billion.
The restructuring agreement frees Colonial from short-term financial worries, while at the same time giving it greater operational flexibility and access to new sources of capital that place the Company in a much stronger position to meet current market challenges.
For further information
María Reventós (+34 6184.108.40.206)
Ce communiqué de presse est diffusé par Hugin. L'émetteur est seul responsable du contenu de ce communiqué.